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Macleans

Martin's 2000 Budget

By any standard it was a meaty budget. On taxes, Finance Minister Paul Martin's first fiscal plan for the new century laid the table for five years of gradual cuts to corporate and personal rates.

Macleans

Manley's 2003 Budget

YOU COULDN'T BLAME John Manley for not seeing it coming. He rises in the House of Commons making like a department-store Santa handing out goodies like there's no tomorrow - yet everybody's mad at him.

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Monetary Policy

Monetary policy refers to government measures taken to affect financial markets and credit conditions, for the purpose of influencing the behaviour of the economy. In Canada, monetary policy is the responsibility of the Bank of Canada, a federal crown corporation that implements its decisions through manipulation of the money supply.

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Public Finance

The relative importance of government expenditures in the Canadian economy has risen dramatically over the past 70 years, from 15% of the Gross Domestic Product (GDP) in the late 1920s to 40% of GDP in 1980 and 50% in the early 1990s.

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Canadian Free Trade Agreement

The Canadian Free Trade Agreement (CFTA) is an inter-governmental trade agreement regulating trade within Canada. It took effect on 1 July 2017. The goal of the agreement was to reduce or eliminate regulations against the free movement of goods, services, and investments within Canada. The officials who framed the new deal said they wanted to ensure that Canadian firms got the same access to the Canadian market as firms from the country’s international trading partners. CFTA also more closely matches the terms of the Canada-European Union Comprehensive Economic Trade Agreement (CETA), which began taking effect in 2017.

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Canada’s Temporary Foreign Worker Programs

Temporary foreign worker programs are regulated by the federal government and allow employers to hire foreign nationals on a temporary basis to fill gaps in their workforces. Each province and territory also has its own set of policies that affect the administration of the programs. Canada depends on thousands of migrant workers every year to bolster its economy and to support its agricultural, homecare, and other lower-wage sectors. In 2014, there were 567,077 migrant workers employed in Canada, with migrant farm workers making up 12 per cent of Canada’s agricultural workforce. A growing labour shortage is projected to increase, with a study by the Conference Board of Canada projecting 113,800 unfilled jobs by 2025.

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Fiscal Policy

Fiscal policy is the use of government taxing and spending powers to manage the behaviour of the economy. Most fiscal policy is a balancing act between taxes, which tend to reduce economic activity, and spending, which tends to increase it — although there is debate among economists about the effectiveness of fiscal measures.

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Insolvency in Canada

Insolvency is a financial state defined by either of two situations. One is when a person, business or country cannot meet their obligations as they become due. The other is when the value of a person’s liabilities exceeds their assets.

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Capitalism in Canada

Capitalism is an economic system in which private owners control a country’s trade and business sector for their personal profit. It contrasts with communism, in which property effectively belongs to the state (see also Marxism). Canada has a “mixed” economy, positioned between these extremes. The three levels of government decide how to allocate much of the country’s wealth through taxing and spending.

Macleans

Martin's 1996 Budget

This article was originally published in Maclean’s magazine on March 18, 1996. Partner content is not updated.

If Martin has his way, there will be one more budget - if only because he could then announce the virtual elimination of the federal deficit by the turn of the century.

Macleans

Martin's 1995 Budget

This article was originally published in Maclean’s magazine on March 13, 1995. Partner content is not updated.

A few minutes before Finance Minister Paul Martin was to deliver his budget speech in the House of Commons last week, he and Prime Minister Jean Chrétien met in Chrétien's second-floor office on Parliament Hill along with Martin's wife, Sheila, and Aline Chrétien.

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National Energy Program

The National Energy Program (NEP) was an energy policy of the government of Canada from 1980 through 1985. Its goal was to ensure that Canada could supply its own oil and gas needs by 1990. The NEP was initially popular with consumers and as a symbol of Canadian economic nationalism. However, private industry and some provincial governments opposed it.

A federal-provincial deal resolved controversial parts of the NEP in 1981. Starting the next year, however, the program was dismantled in phases. Global economic conditions had changed such that the NEP was no longer considered necessary or useful. The development of the oil sands and offshore drilling, as well as the rise in Western alienation and the development of the modern Conservative Party of Canada, are all aspects of the NEP’s complicated legacy.

Macleans

Martin's 1998 Budget

This article was originally published in Maclean’s magazine on March 9, 1998. Partner content is not updated.

There were still three weeks remaining before budget day when Finance Minister Paul Martin sat down one afternoon for a strategy session in his fifth-floor office in the Centre Block of the Parliament Buildings.

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Unemployment Relief Camps

During the Great Depression, the federal government sanctioned the creation of a system of unemployment relief camps, where in exchange for room-and-board, single men did physically demanding labour. The government was criticized for establishing the camps rather than addressing the need for reasonable work and wages.

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Cod Moratorium of 1992

On 2 July 1992, the federal government banned cod fishing along Canada’s east coast. This moratorium ended nearly five centuries of cod fishing in Newfoundland and Labrador. Cod had played a central role in the province’s economy and culture.

The aim of the policy was to help restore cod stocks that had been depleted due to overfishing. Today, the cod population remains too low to support a full-scale fishery. For this reason, the ban is still largely in place.

Click here for definitions of key terms used in this article.

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Sustainability in Canada

Sustainability is the ability of the biosphere, or of a certain resource or practice, to persist in a state of balance over the long term. The concept of sustainability also includes things humans can do to preserve such a balance. Sustainable development, for instance, pairs such actions with growth. It aims to meet the needs of the present while ensuring that future people will be able to meet their needs.